Greencore considering next move in Northern Foods bid battle

Thursday 3 March 2011 09:09 BST

Northern Foods: the name behind Fox's biscuits and Goodfella's pizza

Irish foods group Greencore today said it was considering its next move in the bidding battle for Northern Foods after rival suitor, the West Midlands chicken tycoon Ranjit Boparan, said a third of the Northern's shareholders backed his bid.

Northern Foods, which makes Fox's biscuits and Goodfella's pizza, agreed in January to back a bid worth 73 pence per share from Boparan, the millionaire behind Harry Ramsden's and Fishworks, valuing the business at around £342 million, and trumping Greencore's all-share offer.

Yesterday, Boparan on Wednesday said he now holds or has agreed to acquire 34.4% of Northern Foods' shares after 23% of Northern's shareholders accepted his offer.

Boparan, which said its offer would remain open until 1300 GMT on March 16, held a 11.4% stake in the company before Wednesday.

Greencore is seeking a private equity partner to part-fund a higher offer, possibly including a cash element, sources told Reuters last month. "Greencore confirms it is still considering its options in relation to Northern Foods and a further announcement will be made in due course," it said on Thursday.